untitled

股 份 代 號 272 STRATEGIC REACHING NEW HORIZONS 策 略 增 長 續 創 佳 績 瑞 安 房 地 產 有 限 公 司 二 零 零 七 年 度 年 報

策 略 增 長 續 創 佳 績 2008

2 4 6 8 10 12 14 16 20 22 24 26 46 48 56 62 64 66 68 78 86 92 104 106 107 109 110 112 174 175

272 8 1,310 2006 10 42007 3200 MSCI MSCI 2

3

12 31 2007 2006 2007 2006 4,689 4,615 4,570 4,729 4,191 4,180 4,085 4,283 487 419 474 429 11 16 11 17 2,755 3,065 2,685 3,140* 2,526 1,118 2,462 1,146 ** 2,114 1,499 2,060 1,536 61 47 59 48 5 5 10 6 10 6 15 6 15 6 21 2007 11.0262006 10.976 12 31 2007 2006 3,697 5,654 29,879 26,035 15,878 13,952 12 31 2007 2006 1.6 3.5 *** 20% 5% * ** *** 2005 4

2007 12 31 2% 12% 11% 22% 27% 1% 86% 27% 0.28 1.58 11.26 13.12 12% 2.88 0.08 3.60 1.52 3.54 1.50 13.12 10.01 10.01 1,018 4,729 4,570 2005 2006 2007 2005 2006 2007 4,756 5% 20% 18,629 26,035 29,879 13,952 15,878 54% 380 22 1,146 48 2,462 59 2005 2006 2007 *** % 2005 2006 2007 2005 2006 2007 2005 2006 2007 5

8 6

7

8

9

10

11

12

13

14

15

16

2007 2007 12 31 45 746 8 924 6 225 2 6 20 621 1 4 5961 10 515 * 6 * 2007 11.026 2006 10.976 21 17

18 11 150 1,310 1,000 2008 2007 11.9%5 12 2007

2008 4 17 2006 10 19

20

21 2004 2006 10 2007 2007? 8 1,300 900 2008

4 8 2007 2006 2007ARC Gold Award (Overall Annual Report Property) 5 6 25 116 49 9 22

2007 10 88 World Traveller Media 2007 Best Boutique Hotel 11 12 2007 AAA 2006 AAA 23

大 連 重 慶 武 漢 杭 州 上 海 雲 南 ( 新 項 目 ) 佛 山 24 瑞 安 房 地 產 有 限 公 司

26 36 38 40 42 44 46 48 56 62 64 二 零 零 七 年 度 年 報 25

26

7% 1% 2020 2007 604 184 224 15% 33% 44% 8.1 100 511,000 1 391,000 179,000 79,000 15,000 85% 1,175,000 1 (1) 175,000 (2) 3 2 1 1 2 3 27

28

194 57,000 2001 1 2003 2 2006 20073 82,000 2008 416,000 1 1102004 383,000 2 49,000 88 29

2 30

186,000 8 44,000 789,00023.4 2,000 3 10% 1% 7% 82% 2 1 1 2 3 1,046,000 1 85,000 132,000 7,000 1,270,000 1 (1) 186,000 (2) 31

32

KIC 19 60.7 15.5 2.2 1422 15 8% 1% 8% 35% 3 1 2 48% 183,000 1 249,000 1 41,000 44,000 3,000 520,000 1 (1) 37,000 21,000 (2) 1 2 3 33

34

520,000 4 152,000 2006 2 48,000 1R1 86,0002006 35

36

46,000 250 2007 14.6% 1 2003 4 6,000 1 2005 LEED-CS 1 37

38

280 15,000 210 3,140 2020 1 1 107,0002008 1 15% 3% <1% 54% 28% 1,526,000 799,000 423,000 91,000 9,000 2,848,000 (1) 39

40

A B 140 A 1 2007 29,000 1 12,200 2007 2008 39,300A A7 2008 858 1 18% 5% 1% 1 53% 23% (1) 29,000 (2) 748,000 1 329,000 248,000 67,000 7,000 1,399,000 1 41

42

1 633 6 350 2 610 1998 70 44 3 4 40 2 1 5 6 5% 20% 31% 1 2 3 4 5 6 44% 1,110,000 1,542,000 704,000 185,000 3,541,000 (1) 43

44

517,000 150 45 580 62.9% 900 2007 11 1 2008 5% 14% 1 50% 1 31% 727,000 450,000 201,000 80,000 1,458,000 (1) 45

70% 2010 630 2020 1,500 4 4 1 15 4 250 46

47 2 4 2 20 (UNESCO) 8 120 3 31,500 3 3 4 50 40 1,770 760,000 3 2 4 1 3

2007 12 31 4,570 2006 4,729 3% 11332008 2009 200689% 11% 2,462 2006 115% 2006 1,146 2,060 2006 34% 2006 1,536 48

2007 71,609 25%116 49% Trophy Property Development, L.P.Trophy Fund Trophy Fund 8452007 2006200760 116 30% 2007 10 116 80 2007 (i) 2007 5 233.5 20188 10 W1-A W2-A 2008 1 2008 3 394,000 1.77 49

1.19 2008 16 588,000 48% (ii) 2007 1120 1.5 8 10 2007 12 31 13.1 10.0 2006 56%8 6 137,400 24 A 2008 4 2008 2,500,000 760,000 1,200,000 2006 2,500,000 6.96 88 50

51 3 113 1 2 9 10 2008 5 126 127 136,700 2007 3 4 6 8 8 2009 46 2007 20093 7-7 7-9 8-2 R2 2 7-9 8-2 2008 7-7 2 2008 20082010 1B1-1/01 2008 6 107,000784 2B2-1/01 2008 4 B3/01 2009 2007 1A9 29,000 187 2007 1,000 2A7 39,000 265 2008 A6 A8 A102007 10 2008 A4-1 A4-2A4-3 2008 3 W2-B W3-A W3-B 2007 6 W1-A W2-A 1,765,000 2007 11 1.5 D-12008 30,000 25,000 75,000 2008

2007 2007 2007 2008 2009 2010 1133 55,000 25,000 99.0% 4 6 8 3 94,000 126,000 99.0% 7-7 7-9 8-2 R2 43,000 31,000 86.8%* 6-2 6-3 7-5 7-6 R3 76,000 86.8%* 5-5 5-7 5-8 44,000 86.8%* B1-1/01 B2-1/01 107,000 111,000 92,000 79.4% A9 30,000 75.0% A6 A7 A8 A10 A11 A12 B2 B5 39,000 86,000 163,000 75.0% 100,000 48.0% 30,000 244,000 423,000 525,000 * 70%86.8% 2007 2007 2008 2009 2010 1133 29,000 99.0% 4 6 8 3 2,000 13,000 99.0% 7-7 7-9 8-2 R2 4,000 1,000 86.8%* 5-5 5-7 5-8 5,000 86.8%* 2 60,000 86.8%* 2 30,000 100.0% B1-1/01 B3/01 B2-1/01 5,000 55,000 6,000 79.4% A4 A5 12,000 11,000 20,000 68,000 75.0% 250,000 48.0% 90,000 100.0% 12,000 20,000 167,000 462,000 41,000 184,000 12,000 20,000 109,000 169,000 ** 17,000 109,000 12,000 20,000 167,000 462,000 * 70%86.8% ** 52

138,000 4,0852006 123,000 4,283 2007 2006 9% R1 8-39,850 106 2007 6 R1 44,000 379 2007 18,700 200617% 2007 12 31 12,000 17% 2007 A930,000 2007114 1210,500 1902007 10 13,500 62911,300 61 2007 47 220063,000 2007 2007 114 52,000 54,500 99.0% R1 54,000 18,700 86.8%* A9 ( 29,000 13,500 75.0% 149 2 3,000 16,600 99.0% 138,000 * 70%86.8% 2007 12 31 13,000 R1 2008 i 113371,000 434 ii B1-1/01 107,000 784 iiia7 39,000 265 53

2007 401 2006 12% 2006 358 2007 12 31 253,000 2006 5% 2006241,000 * 5,000 46,000 6,000 57,000 97.0% 76,000 7,000 83,000 99.0% 2 28,000 28,000 99.0% R1 8,000 7,000 15,000 86.8%** 1 29,000 23,000 52,000 86.8%** 1 5,000 1,000 6,000 100.0% 12,000 12,000 75.0% 2007 12 31 118,000 128,000 7,000 253,000 2006 12 31 118,000 116,000 7,000 241,000 * ** 70%86.8% 2008 2009 2010 273,000440,000902,000 2007 12 311.1 1.73.6 2006 14% 3% 2 20042007 2006 21% 2007 99% 2006 12 31 86% 2008 21 13,000 107 2007 12 31 R11 2006 R1 30% 180% 1 54

112,000 2007 4 57% 17 2008 B1-1/01 B3/0156,000 2007 7 2008 2009 2007 12 31 2007 2006 97% 94% 94% 98% 2 99% 86% R1 33% 9% 1 81% 18% 1 100% 98% 57% 2007 12 31 55

20072,462 2006 115% 2006 1,146 3%4,5702006 4,729 20082009 1133 4,0852006 4,283 138,000 2006123,000 114 2007 12%4012006 358 20062007 1 R1 2,6852006 3,140 59% 200666% 2007 114 56

2006 R1 2007 51%2692006 1782006 10 2007 2006 24%1142006 150 2006 1 R1 2 2007 2007 A9 2007 62%543 2006 335 2007 362006 20071,031 2006 92920072006 2007 132006 658 2006 500 2006 10 2006 152 5%2,2842006 2,175 2007577 2006 145 57

1252006118 458 3582006 854 643 2006 10 32%3,6872006 2,785 2007820 22% 2006 1,145 41% 2007343 2007 3 2008 1 1 25% 33%25% 3432007 2007 32%2006 2006 2007 20072,462 2006 115% 2006 1,146 (i) 2007 2006 (ii) 2,462 1,146 +115% (419) (87) 500 17 (23) i ii 2,060 1,536 +34% 5961 4,1852006 48 472,405 % 58

2007 12 31 7,0722006 12 31 6,47716,706 2006 12 31 15,165 2007 12 31 1,235 742 103 234 156 3,170 772 483 1,915 2,667 2,667 7,072 4,181 586 2,149 156 2007 12 31 3,6972006 12 31 5,654 8542006 12 31 1,202 2007 12 31 20% 2006 12 315% 2007 88% 200642% 2007 12 31 1,7182006 12 31 2,560 2007 12 31 2,616 2007 12 3111,663 3,843 54% 2007 12 31 5,065 59

2007 12 31 7,510 1,200 2007 12 31 1,053 2008 1 5,257 2010 60

(i) (ii) 88 61

2008 2008 62

63

2007 12 31 246,000 7,000 253,000 238,000 2 5,000 5,000 99.0% 5,000 114117 10,000 10,000 9,000 A9 1,000 1,000 75.0% 1,000 R1 12,000 12,000 86.8% ** 11,000 1,000 1,000 1,000 246,000 13,000 23,000 282,000 265,000 166,000 80,000 3,000 106,000 355,000 99.0% * 352,000 3 22,000 220,000 2,000 53,000 297,000 99.0% 294,000 49,000 74,000 3,000 99,000 225,000 86.8% ** 195,000 46,000 27,000 73,000 100.0% 73,000 46,000 309,000 26,000 115,000 496,000 79.4% 394,000 27,000 39,000 7,000 62,000 135,000 75.0% 101,000 356,000 722,000 41,000 462,000 1,581,000 1,409,000 64

345,000 256,000 57,000 658,000 99.0% * 608,000 168,000 639,000 13,000 820,000 99.0% 812,000 142,000 115,000 5,000 262,000 86.8% ** 227,000 1,251,000 1,216,000 633,000 3,100,000 79.4% 2,461,000 598,000 686,000 87,000 1,371,000 75.0% 1,028,000 2,246,000 1,110,000 185,000 3,541,000 48.0% *** 1,700,000 731,000 727,000 42,000 1,500,000 100.0% 1,500,000 5,481,000 4,749,000 1,022,000 11,252,000 8,336,000 6,083,000 5,484,000 64,000 1,484,000 13,115,000 10,010,000 * 99%2007 748% 50%116 ** 70% 86.8% *** 3,541,00023 8 1023 2008 3 31 1,765,00051,776,000 18 65

66

67

2007 12 31 2007 68

2007 12 31 14 69

2007 12 31 9 6 2007 2007 3 2007 3 8691 70

71 6 6 33.10 3.13 2007 3 3 3 A.4.2 3 2007 6 8 97(3) A.4.2 2007 6 8 2007 4 2008

4/4 [ 2007 5 1] 1/2 4/4 2/4 2/4 4/4 4/4 4/4 4/4 4/4 14 3 A.2.1 6 72

2007 12 31 A.5.4 2007 3 73

175 2007 12 31 3 ( ) 1/1 0/1 1/1 2006 2007 12 31 11 3 2007 12 31 74

2007 12 31 3 3 2007 9 14 11 2007 3 1 2007 4 11 2007 3 2007 9 2008 75

76 2007 12 19 2007 11 15 2008 1 2007 5 2007 11 2007 12 31 104 105 2007 12 31 6,000,000 7,000,000 13,000,000

2007 6 1 www.shuionland.com 2008 2007 77

78

2007 93,000 2,500 IT 450 79

2007 2007 2 10 11 25 2007 1 500 3 2007 IDSF 7 20072010 80

1982 2005 2007 8 2007 160 81

2006 2007 2007 10 11 (USGBC) (LEED) 2006 LEED 2008 2 26 LEED Commercial Interiors (CI) 82

1. 26 2. 25 LEED-(LEED- Commercial Interiors) LEED- 1. LEED- (LEED-Neighborhood Development) 2. LEED- 3. LEED- 4. LEED- 22 1. LEED-(LEED- Core & Shell) 2. LEED- 3. LEED- 4. 126/127 LEED- 5. 6 6. 2 LEED- low-e 83

100 2 2007 AAA 2A 84

3 2007 12 3148 22 6 12 2007 12 31 13 2007 12 31 13 85

董 事 及 高 級 管 理 人 員 履 歷 董 事 會 60 2004 2 1971 1998 1999 2001 2002 2002 86 瑞 安 房 地 產 有 限 公 司

55 2005 4 211992 HSBC Corporate Finance Limited 2002 HSBC Markets (Asia) Limited 53 2006 5 2007 1 12 Bristol University of the West of England 二 零 零 七 年 度 年 報 87

董 事 及 高 級 管 理 人 員 履 歷 66 2006 9 HSBC Holdings plc1961 2006 5 Vodafone Group Plc A. P. Moller Maersk 64 2006 9 36 Memorial Sloan-Kettering Cancer Centre 1999 2001 19911997 19961997 59 2006 5 1999 88 瑞 安 房 地 產 有 限 公 司

HSBC Holdings plc VTech Holdings Limited 56 2006 5 1996 Washington Society of Certified Public Accountants Hong Kong Academic Accounting Association 59 2006 5 Exponent, Inc. NASDAQ EXPO Exponent, Inc. 2005 Exponent, Inc. 5 1972 National Science Foundation1992 150 2008 61 2006 5 1998 6 HSBC Holdings plc 1973 1998 20 HSBC Private Banking Holdings (Suisse) SA The Bank of Bermuda Limited 二 零 零 七 年 度 年 報 89

董 事 及 高 級 管 理 人 員 履 歷 高 級 管 理 人 員 57 1981 2002 112004 5 2006 6 1 Shui On Company Limited 59 2007 4 26 Sun Cruises 52 1982 25 University of Aston 58 2004 8 1994 Royal Institute of British Architects Royal Australian Institute of Architects 52 2004 1 Vision Century Corporation Limited SunCorp Technologies Limited 90 瑞 安 房 地 產 有 限 公 司

48 1997 University of Minnesota American Institute of Architects American Planning Association Urban Land Institute 46 1986 16 6 Royal Institution of Chartered Surveyors Reading University 50 2007 1 22 The City University 44 2005 1991 1994 16 48 1985 21 West Coast Institute of Management & Technology 二 零 零 七 年 度 年 報 91

2007 12 31 48 18 19 2007 12 31106 52007 10 3010 20066 2008 6 5 373 14 15 2007 12 3130 2007 12 31 8,9012006 9,694 2007 5 1 2007 1 12 92

102 2007 12 31 XV (i)xv7 8 (ii) 352(iii) (a) (i) 2 2,257,993,225 1 53.94% 200,000 5,000,000 0.12% 3,700,000 0.08% 500,000 0.01% 500,000 0.01% 500,000 0.01% 500,000 0.01% 500,000 0.01% 500,000 0.01% (1) Shui On Company LimitedSOCLNew Rainbow Investments Limited SOCL Bosrich Unit TrustBosrich Unit Trust Bosrich Holdings Inc. Bosrich Unit Trust HSBC International Trustee Limited Bosrich Holdings Inc. HSBC International Trustee Limited New Rainbow Investments Limited (2) 93

(b) (i) 181,981,000 1 56.70% 682,000 0.21% (1) SOCL 181,981,000SOCL SOCL Shui On Finance Company Limited 166,148,00015,833,000SOCL Bosrich Unit TrustBosrich Unit Trust Bosrich Holdings Inc. Bosrich Unit Trust (ii) 1,600,000 1 0.49% (1) 2002 8 27SOCL 50% SOCL 2007 12 31352 94

2007 12 31336 HSBC International Trustee Limited 2,257,993,225 1 53.94% Bosrich Holdings Inc. 2,257,993,225 1 53.94% SOCL 2,257,993,225 1 53.94% 526,279,964 2 12.57% (1) 2,257,993,225SOCLNew Rainbow Investments LimitedNRI 940,000,000791,713,261526,279,964SOCL Bosrich Unit TrustBosrich Unit Trust Bosrich Holdings Inc. Bosrich Unit Trust HSBC International Trustee Limited Bosrich Holdings Inc. HSBC International Trustee Limited (2) NRI (3) 2007 12 31336 2007 6 8 37 2007 12 31 6 208 110 211 112 3 7.00 8.18 10.00 11.78 9.886.98 7.99 10.00 11.78 9.882.90 3.15 3.96 4.58 3.73 95

2007 6 20 2007 6 20 2007 6 20 2007 6 20 2007 6 20 2007 6 20 2007 6 20 2007 6 20 2007 1 1 2007 12 31 2007 12 31 7.00 5,000,000 5,000,000 2009 6 20 2016 6 19 7.00 500,000 500,000 2007 6 20 2012 6 19 7.00 500,000 500,000 2007 6 20 2012 6 19 7.00 500,000 500,000 2007 6 20 2012 6 19 7.00 500,000 (500,000) 2007 6 20 2012 6 19 7.00 500,000 500,000 2007 6 20 2012 6 19 7.00 500,000 500,000 2007 6 20 2012 6 19 7.00 500,000 500,000 2007 6 20 2012 6 19 8,500,000 (500,000) 8,000,000 7.79 2007 6 20 2007 6 20 7.00 1,000,000 1,000,000 2007 6 20 2016 6 19 7.00 500,000 500,000 2007 6 20 2012 6 19 1,500,000 1,500,000 2007 6 20 2007 8 1 2007 10 2 2007 11 1 2007 12 3 7.00 136,888,190 (8,721,392) 128,166,798 2009 6 20 2016 6 19 8.18 1,636,903 (201,710) 1,435,193 2009 8 1 2016 7 31 10.00 5,222,500 (22,500) 5,200,000 2009 10 2 2016 10 1 11.78 4,550,064 (44,566) 4,505,498 2009 11 1 2016 10 31 9.88 1,601,700 1,601,700 2009 12 3 2016 12 2 149,899,357 (8,990,168) 140,909,189 159,899,357 (500,000) (8,990,168) 150,409,189 96

(i) (ii) (iii) 10%30% 2007 12 31418,009,717 (iv) 12 1% (v) 5 1 510 (vi) 30 1.00 (vii) (i)(ii) (iii) (viii) 2007 6 8 10 97

2007 12 31 6877 43 14A 14A (1) 2003 8 26 70% 30% 2006 5 302008 12 31 60 0.9% 0.9% 3% 14A.34(1) 2.5% 14A.45 14A.47 98

2008 12 31 11 3 (2) SOCL SOCL SOCL SOCL SOCL SOCL 80% 2008 12 31 SOCL2005 5 8 2006 4 122008 12 31 Shui On Centre Co. Ltd.SOCL 2006 10 92007 5 31 2008 12 31 SOCL 2006 5 30 2008 12 31 SOCL 2007 9 4 2009 12 31 2008 12 31 2008 12 31 21 25 28 38 2009 12 31 48 2008 12 31 3.8 4.3 223 (3) 99

1 1 1 2006 6 42008 12 31 2006 9 20 2008 12 31 535 750 117 (4) Profitstock Holdings Limited Globe State Properties Limited Profitstock Holdings Limited70%282 2006 1 5 114Globe State Properties Limited70% 130 2006 1 5 117 Profitstock Holdings Limited Globe State Properties Limited Profitstock Holdings Limited Globe State Properties Limited 2008 12 31 Profitstock Holdings Limited Globe State Properties Limited412 Profitstock Holdings Limited Globe State Properties Limited 412 100

2007 10 31Profitstock Holdings Limited 30% 14A.11(4)(c) 2 Profitstock Holdings Limited Globe State Properties Limited (5) 2006 7 19 69.3% 500 750 70% 2007 7 31 114Profitstock Holdings LimitedProfitstock Holdings Limited 70%370 (4) 2007 10 31Profitstock Holdings Limited 30% 14A.11(4)(c) 2 Profitstock Holdings Limited99% 14A.3715 (i) (ii) (iii) 14A.3815 101

(a) (b) (c) 2006 9 20 43 2007 12 31 SOCL 13.21 2006 11 28 300 70% 102

38 2007 12 31 132006 6 30% 2007 12 31 12% 99 1003 42% 5% 44 2008 4 17 103

106 173 2007 12 31 104

2007 12 31 2008 4 17 105

2007 12 31 2007 2006 5 4,570 4,729 (1,885) (1,589) 2,685 3,140 6 269 178 (114) (150) (543) (335) 7 (13) (658) 8 2,284 2,175 14 577 145 35 80 36 845 582 26 1 9 (125) (118) 3,687 2,785 10 (820) (1,145) 2,867 1,640 2,462 1,146 405 494 2,867 1,640 12 203 373 248 576 248 13 0.59 0.48 0.59 0.38 106

2007 12 31 2007 2006 14 7,994 6,205 15 260 188 16 4,325 3,710 17 1,734 1,760 18 85 3 18 981 20 312 147 21 237 368 38 6 5 33 89 4 16,023 12,390 17 6,281 4,749 22 325 1,799 20 3,477 1,447 23 240 227 18 12 2 24 44 100 25 6 6 26 11 29 21 617 834 21 2,843 4,452 13,856 13,645 27 1,768 1,554 24 39 73 25 876 267 32 100 1,541 252 26 2,667 28 1,514 1,683 29 323 8,828 3,829 5,028 9,816 21,051 22,206 107

2007 12 31 2007 2006 30 84 84 15,794 13,868 15,878 13,952 828 1,213 16,706 15,165 32 93 183 26 2,762 28 2,891 2,032 33 1,361 2,057 29 7 4,345 7,041 21,051 22,206 2008 4 17106 173 108

2007 12 31 31(a)31(b) 31(c) 2006 1 1 36 2,314 122 (424) 423 32 504 1,749 4,756 306 5,062 77 77 3 80 (40) (40) (40) (7) (7) (7) 37 (7) 30 3 33 1,146 1,146 494 1,640 2 2 2 37 (5) 1,146 1,178 497 1,675 16 4,433 4,449 4,449 43(a) (b) 6 (6) 34 24 3,507 (423) 3,108 3,108 26 2 581 583 583 (145) (145) (145) 404 404 31(c)(iii) 99 (99)) 6 6 31(b) 23 23 23 2006 12 31 84 10,684 122 (401) 69 (5) 603 2,796 13,952 1,213 15,165 (30) (30) (9) (39) (316) (316) (316) (30) (316) (346) (9) (355) 2,462 2,462 405 2,867 237 237 237 (30) (79) 2,462 2,353 396 2,749 36 36 36 5 (1) 4 4 1 1 15 16 11 11 (22) (22) (807) (829) 31(b) 12 12 12 0.11 0.06 2006 0.05 2007 (458) (458) (458) 2007 12 31 84 10,689 122 (411) 35 40 (84) 603 4,800 15,878 828 16,706 109

2007 12 31 2007 2006 3,687 2,785 7 1 1 28 27 1 1 500 55 (31) (26) (1) (845) (582) (80) 125 118 1 3 (208) (96) (577) (145) (1) (1) 36 12 23 2,215 2,603 (1,476) (491) 1,765 1,553 22 215 (186) 2,741 3,479 (312) (215) 2,429 3,264 110

2007 12 31 2007 2006 187 90 (44) (52) 2 (9) (105) (1,100) (1,195) (2,222) (2,620) (1,037) (1) (10) 35 (870) 36 917 604 348 (794) (13) (227) (3,851) (4,300) 4 4,304 (16) 3 (1) 11 6 2,989 3,476 (2,183) (3,611) (398) (616) (458) (51) 3,561 (1,473) 2,525 4,452 1,989 (136) (62) 2,843 4,452 2,843 4,452 111

2007 12 31 1 2004 2 12 2219613 2006 10 4 Shui On Company Limited 48 2 () 2007 1 1 1 7 7 8 9 10 29 2 1 7 32 1 7 1 1 23 1 27 2 32 1 1 2 1 3 2 8 1 11 2 3 12 4 13 5 14 19 4 112

2 1 2009 1 1 2 2009 7 1 3 2007 3 1 4 2008 1 1 5 2008 7 1 3 273 2009 7 1 27 3 1 113

2007 12 31 3 114

3 115

2007 12 31 3 116

3. 117

2007 12 31 3. 118

3. (i) 37 (ii) 18 119

2007 12 31 3. 120

3. 10% 121

2007 12 31 3. 4 3 122

4. 5. 2007 2006 4,085 4,283 401 358 25 25 19 22 29 24 474 429 11 17 4,570 4,729 123

2007 12 31 5. 2007 12 31 4,085 474 11 4,570 2,151 915 9 3,075 208 (125) 845 80 26 (422) 3,687 (820) 2,867 7 7 3,625 93 15 3,733 7 10 11 28 1 1 1 1 36 36 15,394 8,246 78 23,718 85 981 12 5,083 29,879 (1,445) (215) (3) (1,663) (11,510) (13,173) 124

5. 2006 12 31 4,283 429 17 4,729 2,616 431 (9) 3,038 96 (118) 582 1 (500) (314) 2,785 (1,145) 1,640 1 1 1 1 4,463 134 18 4,615 2 14 11 27 1 1 2 1 3 13,306 6,440 62 19,808 3 2 6,222 26,035 (1,302) (173) (3) (1,478) (9,392) (10,870) 125

2007 12 31 5. 90% 6. 2007 2006 135 90 14 52 20 43(e) 7 6 11 14 50 68 269 178 7. 2007 2006 26 357 34 143 500 152 13 6 13 658 126

8. 2007 2006 7 1 1 6 6 28 28 (1) 28 27 100 118 (99) (117) 1 1 1 3 20 29 266 166 36 22 15 344 210 (82) (64) 262 146 1,790 1,552 31 24 9. 2007 2006 211 213 43(e) 1 25 43(e) 4 4 32 43(e) 10 9 43(e) 32 34 273 26 329 322 (96) 458 854 (358) (643) 100 211 26 17 (23) (9) (78) 17 8 125 118 2007 12 31 4.7% 2006 11.6% 127

2007 12 31 10. 2007 2006 650 167 17 650 184 33 289 785 (343) (54) 785 224 176 820 1,145 33% 2007 3 1663 2008 1 1 33%25% 2007 2006 3,687 2,785 33% 1,217 919 224 176 (74) (58) (9) 142 337 (349) (252) 12 13 (4) (3) (343) 17 820 1,145 128

11. 2007 2006 13 (a) 2,772 96 2,868 11,397 7,036 7,798 14,834 6,110 (b) 291 291 97 (c) 291 291 182 (b) 388 388 130 (b) 388 388 242 (b) 485 485 303 (b) 388 388 242 (b) 291 291 182 (d) 6,687 (d) 3,151 2007 2,522 9,808 7,798 96 20,224 28,736 2006 1,378 15,288 11,271 799 28,736 (a) (b) (c) (d) 2006 20062006 2007 2006 17 7 9 1 27 7 129

2007 12 31 11. 2007 2006 4,000,001 4,500,000 1 6,000,001 6,500,000 1 6,500,001 7,000,000 1 1 9,000,001 9,500,000 1 4 1 12. 2007 2006 2007 5 2006 203 2007 10 20066 373 248 576 248 20072006 6 5.9 2007 102007 5 4.8 2006 2007 10 8.9 130

13. 2007 2006 2,462 1,146 4 143 2,462 1,293 2007 2006 4,185 2,405 1,003 43(b) 2 15 4,200 3,410 2007 2006 (a) 0.59 0.48 0.61 0.47 ((a)) 0.59 0.38 0.61 0.37 (a) 21 2007 1 1.0262006 1 0.976 (b) 2007 8 1 2007 10 2 2007 11 1 2007 12 3 131

2007 12 31 14. 2007 2006 6,205 5,877 9 105 16 17 1,203 78 577 145 7,994 6,205 2007 12 312006 12 31 132

15. 2006 1 1 134 92 226 17 35 52 (25) (25) 2006 12 31 151 102 253 48 16 64 44 44 (7) (7) (19) (19) 2007 12 31 199 136 335 2006 1 1 17 42 59 7 21 28 (22) (22) 2006 12 31 24 41 65 6 22 28 (2) (2) (16) (16) 2007 12 31 30 45 75 2007 12 31 169 91 260 2006 12 31 127 61 188 50 3 5 16. 2007 2006 3,710 2,664 1,100 1,195 14 (385) (31) 8 (100) (118) 4,325 3,710 40 70 133

2007 12 31 17. 2007 2006 2007 2006 1,760 1,127 4,749 5,244 693 563 1,887 2,700 8 99 117 14 (818) (47) (291) (3,195) (64) 1,734 1,760 6,281 4,749 2007 12 314,5422006 4,133 12 18. 2007 2006 59 2 26 1 85 3 981 12 2 2007 2006 2,445 15 (2,126) (4) 319 11 85 3 6 4 42 2 26 1 134

18. 2007 12 31 i 50% 25% (ii) 61.54% BVI 48% 48% 48% 48% 48% 48% (i) (ii) 43(d) 2007 5 25 10% 5.4% 135

2007 12 31 19. 2007 2006 11 11 (11) (11) 2007 12 31 Crystal Jade Food and Beverage (Hangzhou) Limited 50% 20. 2007 2006 a 272 114 40 33 312 147 340 294 (9) (2) 331 292 b 1,136 389 558 617 41(b)(v) 1,200 252 149 3,477 1,447 136

20. (i) (ii) 2007 2006 284 190 30 4 53 31 60 23 12 61 90 1 4 90 19 33 331 292 472006 102 2007 2006 30 4 53 31 60 23 12 61 90 1 4 90 19 33 47 102 2007 2006 2 1 7 1 9 2 137

2007 12 31 20. 9 20062 (a) 2010 12 312007 12 311522006 1202006 114 (i) 2007 1 12007 12 31 (ii) 2008 1 12008 12 315% (iii) 2009 1 12009 12 31 6% (iv) 2010 1 12010 12 31 8% (b) 8% 2007 12 31 FieldcityInvestmentsLimited PortspinLimited 36(a) (b) 2006 12 31 ScoreHighLimited36(d) 8% 21. 2372006 368 0.7% 1.7%20060.7% 5.0%0.7% 1.7% 20060.7% 5.1% 22. 23. 5.9% 20065.0%2008 6 26 138

24. 2007 2006 1 1 40 69 3 4 11 15 44 100 17 19 22 54 39 73 25. 2007 12 31 842006 84 5% 20065% 26. 2005 10 12 Shui On Development (Holding) Limited 1,750 A2,000 B A 100,000 1,071 B 100,0001,000 (a) (b) (c) (d) 8.5%2008 10 12 139

2007 12 31 26. 10 12 12 12 2005 108.50% 2006 104.25% 2007 100.00% (a) (b) (c) 2007 6 302007 12 312008 6 302008 10 12 0.01 6.01(g)X 4.01(k) 0.01 Y 4.01(k) 32 39 (a) 12 (b) (c) 2005 10 122008 10 11 140

26. 2006 1 1 2,787 232 (6) 3,013 (109) (6) (115) 9 322 322 (238) (238) 7 9 357 (23) 334 (583) (583) 2006 12 31 2,762 (29) 2,733 (182) 1 (181) 9 329 329 (242) (242) 9 17 17 2007 12 31 2,667 (11) 2,656 2006 8 JP Morgan Chase Bank, N.A.JP Morgan Bank Luxembourg S.A. 2005 10 12 2006 10 4 107,370,582 27. 2007 2006 495 722 30 288 14 61 90 1 90 1 785 736 78 76 555 475 39 20 142 124 169 123 1,768 1,554 141

2007 12 31 28. 2007 2006 1 1,514 1,683 12 586 287 25 2,149 1,745 5 156 4,405 3,715 (1,514) (1,683) 2,891 2,032 2007 2006 90% 100% 1,135 657 5.59% 100 875 1,235 1,532 0.8% 2.75% 3,170 2,183 4,405 3,715 2007 12 315.5% 20065.2% 2007 2006 7.0% 5.8% 4.9% 4.7% 39 142

29. 2007 12 31 375 2006188 8.5% 20068.5%2,9312006 1,467 5.2% 20065.2% 3752,931 2007 12 313162006 7 2372006 2 30. 2006 5 20 0.01 0.00258,000,000,000 0.0025 0.0025 2006 1 1 4,000,000,000 10,000 1,747,466,668 4,369 2006 5 20 8,000,000,000 20,000 a 145,009,345 363 b 671,874,600 1,680 34 1,229,642,644 3,074 26 107,370,582 268 43(a) (b) 283,733,332 709 2006 12 31 12,000,000,000 30,000 4,185,097,171 10,463 500,000 1 2007 12 31 12,000,000,000 30,000 4,185,597,171 10,464 143

2007 12 31 30. 2007 2006 84 84 (a) HSBC Securities Investments (Asia) Limited2006 6 45.35 145,009,345 0.0025 100,000,000 (b) 2006 10 4 5.35556,000,000 0.0025 2006 10 115.35115,874,600 0.0025 31. (a) (i) (ii) (iii) 2004 2004 (b) 2007 12 31122006 23 (c) (i) (ii) (iii) Shui On Company Limited2004 483 32 2005 21 2006 99 32. 100 2008 3 31 2009 3 315.3% 20065.3% 2005 29 144

33. 2006 1 1 113 1,127 (38) 26 1,228 43 48 (24) 721 (3) 785 40 40 2006 12 31 156 1,175 (62) 721 63 2,053 (66) (285) 9 14 (15) (343) 20 (757) 10 (727) 52 144 9 89 (5) 289 2007 12 31 142 1,034 (24) 67 53 1,272 2007 2006 (89) (4) 1,361 2,057 1,272 2,053 2312006 288 982006 187 1332006 101 12 31 2007 2006 2007 1 2008 5 5 2009 15 15 2010 39 41 2011 38 39 2012 36 133 101 145

2007 12 31 34. 0.01 0.01 2006 1 1 220,000,000 180,000,000 400,000,000 2,200 1,800 4,000 (220,000,000) (180,000,000) (400,000,000) (2,200) (1,800) (4,000) 2006 2007 12 31 0.01 0.01 2006 1 1 220,000,000 180,000,000 400,000,000 1,810 1,481 3,291 (220,000,000) (180,000,000) (400,000,000) (1,810) (1,481) (3,291) 2006 2007 12 31 1 2006 110,000,000 0.01 8,115,547 0.012006 532,462,188 0.0025 2006 3 2006 10 4 1,197,180,456 0.0025 2006 6 6 146

34. 2006 1 1 2,874 423 3,297 (70) (70) 9 273 273 (112) (112) 7 143 143 (2,965) (423) (143) (3,531) 20062007 12 31 (i) (a) 2004 5 3118(b) (ii) (a) (b) 43(a) (iii) 1.07 1.35 (iv) 27.5% 147

2007 12 31 34. (i) (a) (b) (c) 2009 5 31 100,000 2010 5 31 70% 6 (i)(a) (i)(b)2011 5 31 (ii) (a) (b) (c) 2008 5 31 100,000 2009 5 31 70% 6 (ii)(a) (ii)(b)2011 5 31 27.5% (i) (ii) 7% (a) (b) 7.5% 7.5% 148

34. 32 39 (a) 2006 12 31 12% (b) (c) (i) (ii) 2010 5 312011 5 31 2009 5 312011 5 31 3B.22 3A.22 3A.22 27.5% 2006 10 4 (d) 27.5% 2006 1 1 2006 10 4 143 35. Profitstock Holding Limited30% Equity Millennium Limited Shui On Development (Holding) Limited ( SOD )2007 7 31SOD 70% Profitstock Holding Limited30%SODProfitstock 121 Profitstock 30%116 870 58 4382007 7 584322007 10 149

2007 12 31 35. Profitstock Holding Limited30% 80Profitstock 2007 12 31 36. Fieldcity Investments Limited 25% a 480 Portspin Limited 49% b 364 Score High Limited 19.8% d 582 844 582 Bestwealth Holdings Limitedc 1 845 582 (a) Fieldcity Investments Limited 25% SOD 2007 6 29 SOD Fieldcity Investments LimitedFieldcity 25% SOD Fieldcity 98( 746 1,245622007 6 249 2007 102008 3 374311 2008 72008 10 480 2007 12 31 (b) Portspin Limited 49% SOD (a) 2007 6 29 SOD Portspin Limited49% 364 182007 6 182 2007 10164 2008 3 364 2007 12 31 150

36. (c) Bestwealth Holdings Limited 2007 2 14(d)Bestwealth Holdings Limited 11 5 7 10 1 11 (1) (1) 11 (7) 4 Bestwealth Holdings Limited (d) Score High Limited 19.8% SOD 2006 9 1 SOD Score High Limited9.9% 503 352 2006 11 151 2007 6 SOD2006 9 9 SOD Score High Limited 9.9% 503 2522006 11 75 2007 3176 2007 6 5822007 32007 6 202006 12 31 37. 2007 6 8 () 10% 2007 12 31150,409,1893.6% 151

37. 1 1 1 1/7 2 1/7 3 1/7 4 1/7 5 1/7 6 1/7 1 1/7 2 3 4 5 6 7 8 2 7 3 8 4 9 5 9 6 9 7 9 8 9 1 1/5 5 2 1/5 1 6 3 1/5 2 7 4 1/5 3 8 1 1/5 4 9 5 2007 12 316 208 1 10 2 11 1 12 3 7.00 8.18 10.00 11.78 9.88 6.98 7.99 10.00 11.78 9.88 2.90 3.15 3.96 4.58 3.73 40% 45% 3.42 8.76 2.62% 4.68% 2.0% 2.5% 7 152

37. 2007 12 31 36 2006 7.95 2007 1 1 2007 12 31 2007 6 20 146,888,190 (500,000) (8,721,392) 137,666,798 2007 8 1 1,636,903 (201,710) 1,435,193 2007 10 2 5,222,500 (22,500) 5,200,000 2007 11 1 4,550,064 (44,566) 4,505,498 2007 12 3 1,601,700 1,601,700 159,899,357 (500,000) (8,990,168) 150,409,189 3,700,000 38. 2000 12 2004 2000 12 1 5% 5% 10% 2007 12 31 256,0002006 110,000 2003 9 1 6 2003 9 1 1 60 1.81997 60 55 153

38. 2006 12 312007 12 31 2007 2006 3.50% 3.75% 200814% 3% 200911% 2010 8% 2011 5% 8.25% 8.25% 2007 12 31 752006 6684% 2006112% 2006 12 312007 12 31 2007 2006 3 2 2 2 (5) (3) 1 2007 12 312006 12 31 14 16 2007 2006 89 59 (20) 2 (75) (66) (6) (5) 154

38. 2007 2006 1 1 59 44 (4) (2) 3 2 2 2 1 2 31 10 1 (3) 12 31 89 59 2007 2006 1 1 (66) (47) 4 2 (5) (3) (9) (13) (1) (2) (1) (2) 3 (1) 12 31 (75) (66) 2007 2006 42 37 16 14 17 15 75 66 1 (2006 2 ) 155

39. 2007 2006 7,937 6,205 134 89 187 261 2,339 1,053 212 950 854 1,202 11,663 9,760 2852006 40. 2007 12 313392006 323 2007 12 31 5 2006 10 2007 2006 417 405 701 499 145 127 1,263 1,031 2007 2006 47 30 50 49 83 101 180 180 156

41. (a) 2007 2006 5,046 3,874 19 2 (b) (i) 2004 9 13Shui On Company Limited 1%320,000 Shui On Company Limited 2007 12 312006 12 31 2004 8 7 (ii) 2006 6 20 2007 12 31 (iii) 2007 12 31 (iv) (v) 2006 9 20 24 2007 1 1 2026 12 31 2007 11 30 7,510 2007 12 311,2002006 157

41. (c) (i) (ii) 2002 7 31 3242006 324 2007 12 31 2006 12 31 4142007 12 31 (iii) 2007 12 31 285 285 2007 12 31 2007 12 312006 12 31 42. 20072006 12 31 35 36 43. 18 19 24 25 31 32 41 Shui On Company Limited (a) Shui On Company Limited 2004 2 18 301,000,0000.012006 5 1,204,000,000 0.0025 2004 5 31 Shui On Company Limited 74 0.01 1.00 2006 10 4 272,000,000 0.0025 158

43. (b) 2004 2 18 Rainbow Foresight Profits LimitedForesight Profits LimitedHollyfield Holdings Limited Rainbow Rainbow 130,000,0000.012006 5 520,000,000 0.0025 2004 5 31 RainbowRainbow Shui On Company Limited 8.8 0.011.00 2005 12 9 5,866,667 0.01 2006 5 23,466,668 0.0025 Rainbow 2006 3 2 2,933,333 0.01 2006 5 11,733,332 0.0025 Rainbow (c) 43(a)Shui On Company Limited 2004 5 31 (d) 2007 5 25 61.54% 28.20% 10.26% 159

43. (e) 2007 2006 1 1 117 30 22 18 11 1 10 3 1 1 2 3 7 6 14 45 3 4 5 1 15 7 15 44. (a) (b) 2008 1 15437 470 48%2008 1 16 2008 2 26Smithton Limited Smithton ) Foresight Profits LimitedForesightForesight Smithton Silomax Silomax 100% 147 137 Silomax 160

44. Foresight Smithton 153142 ForesightSmithton10% Foresight Smithton Smithton2008 2 28 Silomax 2007 12 31 45. 26 28 2007 2006 2,667 2,762 4,405 3,715 (854) (1,202) (2,843) (4,452) 3,375 823 16,706 15,165 20.2% 5.4% 46. a. 2007 2006 11 29 8,769 7,583 (323) (7) (9,598) (8,287) 161

46. b. 2008 1029 2007 2006 401 2,463 (3,296) (2,342) 689 1,634 (3,063) (3,425) 5% 5% 5% 5% 5% 162

46. b. 2007 2006 (i) 138 (6) (ii) 98 85 (iii) 15 (i) (ii) (iii) 50 502007 12 31 22200619 163

46. b. 20072006 12 31 114125981 240 % 1 1 2 2 5 5 2007 12 31 2007 1,418 1,418 1,418 5.4% 1,561 634 2,678 303 5,176 4,405 8.5% 2,972 2,972 2,667 39 39 39 880 880 876 193 193 193 7,063 634 2,678 303 10,678 9,598 323 323 323 164

46. b. % 1 1 2 2 5 5 2006 12 31 2006 1,287 1,287 1,287 5.2% 1,734 300 1,893 3,927 3,715 8.5% 3,426 3,426 2,762 73 73 73 271 271 267 183 183 183 3,548 3,726 1,893 9,167 8,287 7 7 7 c. 165

47. 2007 2006 1,237 1,237 8,121 6,204 32 26 2,683 9,384 10,156 (29) (29) 9,384 10,127 84 84 9,300 10,043 9,384 10,127 48. 2007 12 31 1 2001 1 5 2 1 100% BVI 2007 10 18 1 1 100% 2003 3 14 2 1 100% 2003 11 19 2 1 100% Bondwise Profits Limited BVI 2000 12 28 1 1 70% 2003 3 5 2 1 100% Bright Power Enterprises Limited BVI 2004 7 1 1 1 100% 2002 12 27 2 1 100% Brixworth International Limited BVI 2001 1 3 1 1 100% BVI 2007 10 23 1 1 100% 166

48. 1 1998 1 16 2 1 100% Chinalink Capital Limited BVI 2003 7 16 999 1 100% 2006 11 13 1 1 100% 2006 1 4 1 1 100% 2003 11 21 140,000,000 79.398% 2006 7 19 1 1 100% 2000 12 1 2 1 70% Costworth Investments Limited BVI 2001 1 12 1 1 100% 2007 10 18 1 1 100% Cybricity Limited 2000 4 28 2 1 100% 2001 2 14 2 1 100% 2007 10 18 1 1 100% Excel Efficient Limited BVI 2002 8 19 1 1 100% Fieldcity Investments Limited BVI 2005 3 20 100 1 75% 1998 4 24 2 1 100% Foresight Profits Limited BVI 2001 2 8 1 1 100% Galore Profits Limited BVI 2001 1 23 1 1 100% Global Ocean Investments Limited BVI 2002 11 1 1 1 100% 2002 10 30 2 1 100% 167

48. 1 Globe State Properties Limited BVI 2005 10 12 100 1 70% BVI 2006 8 18 1 1 100% 2003 3 14 2 1 80.2% 2003 3 14 2 1 100% 2003 3 6 1,400,000 100% 2003 6 12 34,540,000 100% BVI 2007 10 23 1 1 100% Hollyfield Holdings Limited 2001 4 19 2 1 100% Infoshore International Limited BVI 2002 11 1 1 1 100% 2007 10 18 1 1 100% BVI 2007 1 3 1 1 100% BVI 2007 8 10 1 1 100% Interchina International Limited BVI 2001 1 12 100 1 100% 2006 6 2 1 1 100% Keen Allied Investments Limited BVI 2002 9 18 1 1 100% 2006 10 3 1 1 100% 1998 4 24 2 1 100% 2007 11 2 1 100% 1997 6 4 2 1 51% 168

48. 1 2002 11 8 2 1 100% BVI 2007 7 19 1 1 100% BVI 2007 9 18 1 1 100% Marble Way Limited BVI 1996 8 28 1 1 100% Modern Prosper Investments Limited BVI 2002 11 1 1 1 100% 2003 10 31 2 1 100% New Power Profits Limited BVI 2005 10 18 1 1 100% BVI 2007 10 18 1 1 100% 2002 11 13 2 1 100% 2002 11 13 2 1 100% 2001 2 2 2 1 100% 2007 10 23 1 1 100% 2002 9 11 2 1 100% Portspin Limited BVI 1997 5 22 100 1 51% 1998 4 15 2 1 100% Profitstock Holdings Limited BVI 2005 6 2 100 1 100% 2007 10 18 1 1 100% 2007 10 18 1 1 100% BVI 2007 8 23 1 1 100% Score High Limited BVI 2003 2 12 1,000 1 80.2% 169

48. 1 1999 2 2 151,300,000 97% 2004 1 18 35,773,000 9,184,180 99% 2001 12 19 645,000,000 99% 1999 2 2 71,600,000 97% 2001 12 26 400,000,000 99% 2001 5 23 165,000,000 69.3% 2004 2 20 82,500,000 50,551,600 99% 2006 9 6 1,050,000 100% 2001 7 2 1,400,000,000 1,263,000,000 99% 2003 11 7 2,100,000 99% 2001 8 31 200,000 99% 1999 2 2 101,300,000 97% 2001 6 21 290,500,000 99% 170

48. 1 1999 2 2 274,900,000 97% 2004 1 18 67,000,000 52,552,388 99% 4 2003 8 26 60,500,000 70% Shui On Development (Holding) Limited 2005 7 27 22 0.01 100% 2004 5 21 1 1 100% Shui on Resort Community (Yunnan) Development Limited 2006 7 17 1 0.01 100% BVI 2006 7 18 1 1 100% 2006 7 25 1 1 100% Shui On Secretaries & Nominees Limited 2006 11 30 1 1 100% BVI 2006 10 25 1 1 100% BVI 2006 11 2 1 1 100% 2006 10 3 1 1 100% BVI 2006 5 12 1 1 100% 2002 10 28 2 1 100% Sinothink Holdings Limited BVI 2000 9 15 100 1 100% 171

48. 1 2007 10 18 1 1 100% Smart Silver Limited BVI 2002 12 18 1 1 100% 2005 2 25 1 1 75% Timezone Management Limited BVI 2001 2 28 1 1 100% BVI 2006 7 18 1 1 100% BVI 2007 10 23 1 1 100% 2002 11 8 2 1 100% 2005 8 2 238,000,000 203,600,000 75% 2007 1 8 600,000 100% 2004 6 14 5,350,000 100% 1. Shui On Development (Holding) Limited 2. 3. Shui On Development (Holding) Limited 2007 12 31 4. SYKIZ 2007 8 14 60,500,000 77,000,000 137,500,000 60,500,00077,000,000 8,470,00085,470,000 SYKIZ 70%16.8% 86.8%SYKIZ 30%16.8% 13.2% SYKIZ 172

49. (i) (ii) 2007 9 173

2007 12 31 2003 2004 2005 2006 2007 977 1,039 1,018 4,729 4,570 29 786 380 1,146 2,462 56 324 166 494 405 85 1,110 546 1,640 2,867 2007 12 31 2003 2004 2005 2006 2007 2,383 5,142 5,877 6,205 7,994 140 146 168 188 260 677 855 2,665 3,710 4,325 3,239 4,000 6,371 6,509 8,015 55 61 157 1,799 325 3 3 1,066 50 94 712 1,594 3,789 603 180 278 373 408 1,018 1,773 2,398 5,654 3,697 8,165 12,251 18,629 26,035 29,879 4,855 3,040 5,146 3,829 8,828 2,388 4,100 8,421 7,041 4,345 7,243 7,140 13,567 10,870 13,173 922 5,111 5,062 15,165 16,706 753 4,519 4,756 13,952 15,878 169 592 306 1,213 828 922 5,111 5,062 15,165 16,706 2007 12 31 2003 2004 2005 2006 2007 0.02 0.46 0.22 0.48 0.59 0.05 0.06 0.10 0.06 0.15 2004 2 12 2004 2 182004 12 31 174

J.P. Morgan Securities (Asia Pacific) Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands 333 26 200021 6-8 34 Butterfield Fund Services (Cayman) Limited Butterfield House, 68 Fort Street P. O. Box 705, George Town Grand Cayman, Cayman Islands 183 17 1712 16 272 www.shuionland.com 175

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